Arcimoto (FUV) Announces Next Phase of Strategic Restructuring Plan and Operational Milestone

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Go back to Arcimoto (FUV) Announces Next Phase of Strategic Restructuring Plan and Operational Milestone

Arcimoto Announces Next Phase of Strategic Restructuring Plan and Operational Milestone

October 20, 2022 9:00 AM EDT

EUGENE, Ore., Oct. 20, 2022 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously fun, ultra-efficient electric vehicles, announced the next phase of its strategic restructuring plan to rebuild the foundation of the business and create a sustainable business model. As part of the plan, Arcimoto reduced operations spend and commenced a workforce reduction, which combined are expected to reduce annual expenses by approximately $20 million and position the Company for long-term financial success.

It's the right plan to respond to the current economic conditions. We significantly reduced spending while the company... More